KUALA LUMPUR (March 20): Top Glove Corporation Bhd has called on the government to be more consistent with its policies, following the Home Ministry’s decision to bring forward the last day for foreign workers to enter the country by four months.

They now have until May 31 to enter the country, instead of Sept 30.

Top Glove chairman Tan Sri Dr Lim Wee Chai said that the government should consult with industry players before making any policy changes, in order to eliminate potential impact on industries.

“We hope the government has more stable policies. Don’t change things too fast. Whatever [government] policies you want to change, please discuss [with the industry players] so that we can find a win-win solution,” he said when asked to comment on the change in foreign worker intake policy after Top Glove's results briefing for the second quarter ended Feb 29, 2024 (2QFY2024).

Lim said the cost of doing business in Malaysia has been on the rise, which has made it very difficult for businesses to compete in the international market.

As such, decisions related to government policies should not be made based on one-sided considerations, he cautioned, as what might be perceived as good for the government could end up affecting others instead.

On March 1, 2024, Home Minister Datuk Seri Saifuddin Nasution Ismail announced that employers who have been granted quotas to bring in foreign workers must make sure that their foreign workers are granted visas with references (VDRs) by March 31, and they need to enter the country by May 31.

He said the decision would enable the government to accurately measure the need for foreign manpower in the country, before considering the need to open up new quotas.

Top Glove’s managing director Lim Cheong Guan said the company would take in foreign workers over the next few months as it still has balance quota.

“Our sales volume has also increased, so we will be taking in workers and hopefully the government will not have short-notice policy changes,” he said.

“What we hope for is that - for the benefit of everyone, for the benefit of the country - a clearer policy in terms of the changes required, and (to) give a longer timeline, so that the industry can prepare for it,” he remarked.

In a bourse filing on Wednesday, Top Glove said its net loss for 2QFY2024 narrowed to RM51.19 million from RM164.67 million a year earlier, fuelled by stronger sales volume growth, as customers placed new orders following the depletion of excess inventory.

At Wednesday’s close, Top Glove saw its share price rise by 6.5 sen or 8.18% to 86 sen, giving it a market capitalisation of RM7.06 billion. 

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